The rapidly growing Indian market topped the Asian IPO rankings in 2024 and ranked second globally.

Executive Summary: In 2024, India ranked second globally—behind only the United States—in funds raised through corporate initial public offerings (IPOs). The National Stock Exchange of India (NSE) surpassed Nasdaq to become the world’s top stock exchange by IPO proceeds. Chinese securities regulators are striving to achieve balanced regulation between primary and secondary markets, while the Hong Kong Stock Exchange remains the preferred venue for IPOs by Chinese companies. With GDP growth slowing in Q3, should we worry that the Indian equity market has reached the peak of its bull run? I. In 2024, India ranked second globally—behind only the United States—in funds raised through corporate IPOs. India, now a global investment hotspot, is emerging as a new magnet for international capital—not only reinforcing its pivotal role in global supply chains but also fueling its sustained economic expansion over many years. This momentum has propelled India to become Asia’s largest corporate IPO market and the world’s second-largest equity fundraising market, trailing only the United States. According to a Financial Times report dated December 26, surging stock prices triggered a wave of IPO activity. Data from Dealogic shows that, driven by companies such as Swiggy and Hyundai Motor, India’s equity issuance volume in 2024 exceeded that of all other Asian countries and regions, ranking second globally—just behind the United States. KPMG data indicates that, measured by IPO proceeds, the National Stock Exchange of India will rank first globally in 2024—ahead of Nasdaq (second) and the Hong Kong Stock Exchange (third). Dealogic is a premier global financial market platform providing integrated content, analytics, and technology to financial firms, widely used across the industry to access and share information. KPMG is a multinational professional accounting services network, one of the “Big Four” accounting firms alongside EY, Deloitte, and PwC—their data is widely regarded as authoritative and reliable within the financial industry. This ranking signals a disruptive shift in Asia’s financial landscape in 2024: after over a decade of sluggish stock markets and tightening regulatory oversight, IPO volumes and proceeds across Asia had sharply declined. Meanwhile, during India’s prolonged multi-year bull market, enterprises rushed to capitalize on elevated valuations to raise more capital; international capital inflows from Southeast Asia, the Middle East, the United States, and Europe further accelerated this trend—though some investors voiced concerns about whether the market could withstand an economic slowdown. In 2022, China led the world in IPO proceeds—60% ahead of the U.S. and 121% ahead of India. In 2023, China’s IPO proceeds fell by 28%, yet it still edged out India by 2% and the U.S. by 48%, retaining its global top spot by a narrow margin. In 2024 (as of December 12, same below), China’s IPO proceeds dropped another 65%; even within Asia, its IPO volume fell behind India, South Korea, and Japan—sliding from first globally to fourth in Asia. By contrast, India’s IPO proceeds surged to 165% above South Korea’s (Asia’s second-largest), securing first place in Asia—and 37% above the U.S., claiming the global top spot. II. In 2024, the National Stock Exchange of India’s IPO proceeds surpassed Nasdaq’s to rank first globally among stock exchanges.

India’s IPO market experiences explosive growth, rising to the top globally.

Recently, an authoritative financial report revealed a striking economic phenomenon: India’s IPO (initial public offering) market is expanding at an unprecedented pace—not only across Asia but globally—making it the world leader in the number of IPO transactions. This news quickly drew widespread attention from international capital markets, with investors expressing strong admiration for India’s robust economic momentum. According to detailed data in the report, India completed 151 IPOs over the past year—a record high for the country itself and far ahead of any other nation globally, accounting for 27% of the world’s total IPO count. Notably, India’s IPO fundraising volume reached a staggering USD 4.7 billion—second only to economic powerhouse the United States—demonstrating the formidable capital-raising capacity of India’s capital markets and the high level of investor confidence. EY’s expert team, analyzing this phenomenon, noted that India is skillfully “leveraging global tensions and trade disputes to stimulate economic growth”—a strategy vividly reflected in its booming IPO market. Against the backdrop of heightened global economic uncertainty and rising trade protectionism, the Indian government has introduced a series of policy adjustments and reforms, creating a more relaxed and favorable environment for domestic enterprises—thereby boosting their enthusiasm for listing and invigorating market dynamism. Experts further analyzed that India’s IPO market prosperity stems from multiple interrelated factors. First, in recent years, the Indian government has intensified capital market reforms, enhancing market transparency and regulatory efficiency—thus fostering a fairer, more equitable, and more open market environment for corporate listings.

Indian biscuit maker Anmol Industries files for $188 million IPO

11 hours ago

Anmol Industries filed for an $188 million IPO after net profits jumped five-fold to 1.91 billion rupees. The Kolkata-based biscuit maker competes with major rivals like Britannia and ITC in India's food sector.

reuters

2026-09-25

Indian biscuit maker Anmol Industries files for $188 million IPO

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